When renting properties, old rental homes in Sydney can struggle to find tenants compared to newly built homes and apartments. A renovation can be one of the best solutions to this problem. In this article, we’re going to share a few renovation ideas for Sydney rental properties—ideas that will help you find tenants and increase your home’s overall value.
Where to Start
1. Basic Renovations
You can start the renovation of your home just by changing the walls and carpets. Choosing new paint and polishing your floorboards can make a significant difference to a home. The cost of renovation depends upon the condition and age of your home, however, as older homes can require more work when it comes to even simple details.
2. Kitchen Renovations
Tenants these days want everything—comfort, style, functionality, and space. You can attract tenants if you have a modernised kitchen with a dishwasher and gas stove. The cost of small kitchen renovations is around $12,000; for large-scale renovations, the cost can go up to $20,000 or more.
3. Bathroom Renovations
Tenants often want a modern bathroom that’s easy to maintain and has great aesthetics. Modernising your bathroom can pay you today and in the future. Bathroom renovations in Sydney can cost $7,000 to $30,000 or more.
A small bathroom renovation usually includes changing taps, mirrors, toilets, bathtubs, and basins. Large-scale renovation means replacing toilets, installing shower screens, and installing new tiles and floors.
4. Outdoor Renovations
While renovating homes, many people focus too much on interiors and completely ignore the exterior. This can be a huge mistake as putting a little effort into renovating the outdoors can give a new look and feel to an old home.
For this, aim to design an aesthetically pleasing garden that will help attract your ideal tenants. If you’re not ready to invest a lot outdoors, be sure to at least have a clean garden so that your property looks presentable. Installing a small garden can cost you $500 or more.
5. Heating and Cooling Systems
In Sydney, tenants deal with hot summers and cool winters, so central heating and air conditioning is in high demand. Many older rental homes don’t have air conditioning, so installing a new air conditioner can help attract tenants. To install a new single split system air conditioner, you’ll likely pay more than $1,200, but this cost should cover almost everything—delivery, labour, and installation.
Having a rental home in good condition is one of the key requirements to rent out property in Sydney, and renovations are a long-term investment as it helps increase your property’s value. You can also claim tax relief for certain renovations under Australian tax law.
Before starting a renovation of your home, make a rough comparison of your property and similar properties in your area. What do these properties offer and what does your property lack? Finding the answers to these questions will help you to make a better decision.
If you want to attract the best tenants in Sydney or elsewhere in Australia, be sure to download the Soho app or use our website to post your listings, and follow along to learn the answers to top real estate questions, such as whether it’s better to rent or buy in Sydney, and much more.